U.S. oil supplies rise sharply, and trade-war 'angst' may be to blame for a drop in demand
Data from the Energy Information Administration Wednesday...
Data from the Energy Information Administration Wednesday revealed a sizeable weekly increase in U.S. crude-oil supplies, a modest fall in gasoline stockpiles and a drop in consumer demand for motor fuel.
"If tariff worries and trade-war angst are fueling that drop in demand... then that marks the start of what could be a crippling trend of declining demand that would, barring supply-side surprises, spark a selloff in oil," Tyler Richey, co-editor at Sevens Report Research, told MarketWatch. That could see U.S. benchmark prices begin to sell off toward the downside target of between $57 and $58 a barrel, he said. May West Texas Intermediate crude was up 21 cents, or 0.3%, at $71.41 a barrel, after losing 0.4% Tuesday.
The EIA reported that U.S. gasoline demand fell last week, with total finished motor gasoline supplied, a proxy for demand, at 8.495 million barrels per day versus 8.643 million bpd a week earlier.
The EIA said that commercial crude inventories climbed by 6.2 million barrels for the week that ended March 28. It also reported a weekly supply decline of 1.6 million barrels for gasoline, while distillate inventories increased by 300,000 barrels.
Dow ends up 235 points as U.S. stocks climb ahead of Trump’s tariff announcement
All three major U.S. stock indexes closed higher on Wednesday...
All three major U.S. stock indexes closed higher on Wednesday after shaking off a lower open, with investors and traders tuning into President Donald Trump's announcement of reciprocal tariffs.
The Dow Jones Industrial Average rose 235.36, or almost 0.6%, to 42,225.32, based on preliminary data.
The S&P 500 rose 37.90 points, or 0.7%, to 5,670.97.
The Nasdaq Composite climbed 151.16 points, or 0.9%, to 17,601.05.
Excelerate to Buy LNG, Power Assets from New Fortress for $1.055B
Excelerate Energy has agreed to buy New Fortress Energy’s (NFE) Jamaica...
Excelerate Energy has agreed to buy New Fortress Energy’s (NFE) Jamaica LNG assets, including an import terminal in Montego Bay and power infrastructure business, for $1.055 billion cash, the companies said March 27.
The deal provides Excelerate, based in The Woodlands, Texas, with exposure to the natural gas market in the Atlantic basin. It includes NFE’s offshore floating storage and regasification terminal in Old Harbour, a 150 megawatt combined heat and power plant in Clarendon, and associated infrastructure.
Waterous Raises $1B PE Fund for Canadian Oil, Gas Investments
Waterous Energy Fund (WEF) closed its third private equity fund at CA$1.4...
Waterous Energy Fund (WEF) closed its third private equity fund at CA$1.4 billion (~US$1 billion).
The Calgary-based firm said March 31 that with the third fund, Waterous Energy Fund III, it will continue to focus on investment in the Canadian oil and gas sector.
To date, WEF III has invested about a third of its capital in Greenfire Resources Ltd., a producer in the Athabasca oil sands. WEF also backs Canadian E&P Strathcona Resources, which operates thermal oil, heavy oil and shale assets.
According to WEF's website, between 2017 and 2023, WEF invested about CA$2 billion (US$1.4 billion) in 10 acquisitions to build Strathcona Resources.
OpenAI closes record $40 billion funding round. Led...
OpenAI closes record $40 billion funding round. Led by Japan’s SoftBank, the round—the largest ever private tech deal, per CNBC—increases OpenAI’s valuation to $300 billion. That puts the AI behemoth behind only SpaceX as the most valuable private company in the world, less than a decade after it was founded. Almost half of the new funding will be used for Stargate, a joint venture announced by President Trump earlier this year to boost the US’ AI infrastructure. The cash injection reportedly hinges on OpenAI fulfilling its pledge to become a for-profit company.
Twenty-three Democrat-led states sued the Trump administration, alleging that its $11 billion in cuts to public health funding was illegal.
The Trump administration acknowledged that an innocent man was mistakenly deported to El Salvador due to a clerical error, but said it does not have the power to bring him back to the US.
Airline stocks fell yesterday after analysts downgraded several carriers due to weakening travel demand.
The NFL voted to change its regular-season overtime rules so that both teams will get an offensive possession.
